Tata Steel, UGRO Capital, Mahindra CIE, Biocon, ZEEL stocks in focus

Tata Steel, UGRO Capital, Mahindra CIE, Biocon, ZEEL stocks in focus

Indian benchmark indices are likely to open on a mildly positive note, hinted SGX Nifty despite weak global cues. On the Singapore Exchange, Nifty futures were in the green at the 17,589 level. In the previous session, Sensex tumbled 1.53% to 59,745 and Nifty extended losses for a third session, closing with sharp cuts at 17,554. “Resurgence of cold war between US & Russia has brought apprehension in the market. Although it should be a short-term effect, the fear of sanctions against Russia and its degree of implication on the economy, especially on food and oil exports, is adding to the anxiety. The market is just recovering from the pandemic, and high interest & inflation are the headwinds in the background,” said Vinod Nair, Head of Research, Geojit Financial Services.Stocks in focus on 23 February, Thursday

Patel Engineering: The company has been declared L1 for a water tunnel project and micro irrigation project worth Rs 1,026 crore. The Micro Irrigation project with a total value of Rs. 470.67 crore is to be executed with a JV partner, of which PEL’s share in the new order is worth Rs 240.04 crore while the Water Tunnel Project worth Rs 555.83 crore is going to executed without any joint venture partnership.

UGRO Capital: The company’s board will meet on 25 February to consider and approve raising of funds by way of issuance of Non-Convertible Debentures and/or Commercial Papers through private placement basis.

Tamilnad Mercantile Bank: The bank announced that seven new branches will be opened on Thursday, with one location in Andhra Pradesh and six branches in Tamil Nadu.

Biocon: The biopharmaceutical company fulfilled its payment obligation and has fully redeemed Commercial Papers of Rs 2,250 crore. Additionally, Kotak Special Situations Fund announced an investment of Rs 1,070 crore in Biocon.

Mahindra CIE: The firm has recommended a dividend of Rs 2.5 per ordinary equity share of face value of Rs 10 each. The firm also announced results for the quarter ended December, reporting a loss of Rs 657.8 crore versus a profit of Rs 80.2 crore on-year.

Sarda Energy and Minerals: South Eastern Coalfield issued Letter of Acceptance [LOA] to the company for its bid for re-opening, salvaging, rehabilitation, development and operation of Kalyani Underground Mines, in the state of Chhattisgarh, on revenue sharing of 4.5% basis.

ZEEL: An insolvency petition against Zee Entertainment Enterprises has been admitted by National Company Law Tribunal (NCLT) to the insolvency court. The petition has been filed by IndusInd Bank, under Section 7 of the Insolvency and Bankruptcy Code (IBC). This might pose a hurdle for ZEEL’s merger with Sony Pictures Networks.